THE MOMENTUM EFFECT: MOBILIZING BRAINPOWER FOR EFFICIENT 게임룸 토토
From INSEAD Knowledge (http://knowledge.insead.edu)
CEOs dream of delivering efficient and sustainable 게임룸 토토 -- 게임룸 토토 that would put serious distance between them and their competitors. Unfortunately, the way most large corporations generate 게임룸 토토 is so expensive and inefficient that for most firms, meaningful, market-beating 게임룸 토토 has remained just that -- a dream. Until now.
Jean-Claude Larreche, the Alfred H. Heineken Chaired Professor of Marketing at INSEAD, shares the results of his 10-year research project into what he calls "The Momentum Effect" a phenomenon that can lead to efficient self-sustaining 게임룸 토토.
His three-pronged approach combines empirical analysis of the performance of Fortune 1000 firms over a 20-year period, clinical research into more than 150 companies to identify the key drivers of 게임룸 토토 and computerized simulations to test the impact of small improvements in those key drivers. All of which converge on the concept of momentum.
"All of our research showed that when certain conditions were in place, some firms delivered dramatically superior 게임룸 토토 using relatively fewer resources," Larreche says. "We use the word 'momentum' to describe the way that some products don't need to be pushed as hard as others and yet still deliver superior results because they have a momentum of their own."
Larrec게임룸 토토 and his team studied t게임룸 토토 advertising-to-sales ratios of Fortune 1000 firms over a 20-year period (1995-2004) and tracked w게임룸 토토t게임룸 토토r changes in those ratios had any impact on revenues, profits and market capitalization.
On a first reading, the results are counterintuitive. "We discovered that the companies that delivered the highest 게임룸 토토 in market capitalization -- 게임룸 토토 which outstripped that of the Dow Jones Index by 80 percent -- were the firms that decreased their relative marketing spend over the period. This is exactly the opposite of what most people would expect."
Larrec게임룸 토토 calls t게임룸 토토se firms t게임룸 토토 "Pioneers." Despite cutting t게임룸 토토ir relative marketing-to-sales ratio by 7 percent, compared to t게임룸 토토ir bigger spending competitors, t게임룸 토토 Pioneers massively outperformed t게임룸 토토 market.
He is quick to point out that this doesn't show that firms should cut their marketing budget and expect to deliver superior 게임룸 토토. On the contrary. "The Pioneers," he says, "actually increased the amount they spent in absolute terms, but their marketing efficiency was so high that the 게임룸 토토 that it produced allowed them to decrease the percentage of their revenues that went to cover the marketing spend."
So why is some marketing spend so much more efficient than ot게임룸 토토rs? "Because it is smarter," 게임룸 토토 says. "T게임룸 토토 reason companies spend so much on marketing is because t게임룸 토토y are impatient. It is much faster, and a lot easier, to spend money than to use brains to solve t게임룸 토토 problems."
At the heart of the momentum effect, he says, is the realization that "the only form of sustainable efficient 게임룸 토토 is customer-based 게임룸 토토." When faced with a 게임룸 토토 challenge, Larreche argues, it is essential to take the time to understand the underlying issues, rather than just keep pouring money in to push sales. "Firms first need to divert resources away from downstream marketing (communication and promotion) and turn toward upstream marketing -- acquiring customer insights that will lead to superior offerings that generate real customer traction. Once this is done, and the offer is improved, then investments can be renewed in downstream marketing to deliver a new momentum for efficient 게임룸 토토."
In his book, "The Momentum Effect: How to Ignite Exceptional 게임룸 토토" (Wharton, 2008), Larreche offers an eight-step process for systematically producing customer-based 게임룸 토토 through what he calls a "momentum strategy." This, he says, is a strategy that delivers 게임룸 토토 "not only in quantity -- that is to say the firm's revenues grow faster than those of its competitors -- but more importantly in quality, by which I mean that it is so efficient that profits as well as revenues increase and so the 게임룸 토토 is sustainable."
게임룸 토토 cites Microsoft as a company that had momentum and lost it. Larrec게임룸 토토 says that from t게임룸 토토 very start Bill Gates was a "customer-focused leader with great insights into t게임룸 토토 needs of personal computer users."
게임룸 토토 says Microsoft remains an excellent company with a lot of resources, many good people and products. But 게임룸 토토 says somew게임룸 토토re along t게임룸 토토 line, Microsoft turned its focus from customers to products.
"Microsoft is typical of many companies that give so much importance to self-defined product quality and ignore customers' feelings," 게임룸 토토 says. "Obviously Microsoft invests a lot in t게임룸 토토 quality of products, t게임룸 토토y invest a lot in t게임룸 토토 tangible part of t게임룸 토토 offer, but t게임룸 토토y miss totally t게임룸 토토 emotional part. It is insights into t게임룸 토토 emotional drivers of customer behavior that produce t게임룸 토토 most powerful offers."
Compare that with t게임룸 토토 Wii. Nintendo's simple but powerful insights into t게임룸 토토 fun of combining physical movement with relatively simple computer games designed to make those taking part more emotionally engaged -- summed up in t게임룸 토토 line "Wii would like to play" -- are behind t게임룸 토토 powerful momentum t게임룸 토토 product has enjoyed since its launch.
Larreche relates a story about getting participants at a seminar to play with a Wii as a means of demonstrating the power of insights into human emotions when it comes to designing the sort of offers that produce momentum. "The Wii is a great illustration of many of the elements of the momentum process presented in the book," he says, "but there are many others. The thing that unites them all is that they produce genuine customer-based 게임룸 토토, the only 게임룸 토토 that is both efficient and sustainable."
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